As the crypto world expands, so do the attacks in this virtual world. In a recent development, on-chain detective ZachXBT reported that a Bahrain-based cryptocurrency exchange was hacked. ZachXBT claimed that this exchange suffered a loss of ‘possibly $14.8 million’.
ZachXBT: Cryptocurrency exchange Rain hacked and lost $14.8 million!
On-chain detective ZachXBT shared his speculations, suggesting that Rain was likely hacked on April 29. ZachXBT put the cryptocurrency exchange’s probable loss at $14.8 million. Rain is a cryptocurrency exchange and custodian serving the Middle East, Turkey and Pakistan.
ZachXBT claims to have detected suspicious outflows from Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Ripple (XRP) wallets. To prove the assumptions, ZachXBT shared two addresses where the stolen funds were likely located. However, ZachXBT emphasized that at the moment, Rain has yet to make any statement regarding the incident. “As of now, Rain has not yet made any statement regarding the incident,” ZachXBT said.
Notable hacks of the past week
There were many hacks during the week, from vulnerabilities in smart contracts to social media threats. Here are the highlights
Bloom from 1st Base Network: Date May 09, 2024
The new flaw, intended to re-baseline returns for traders, caused a loss of nearly $600,000 from the protocol. The flaw allowed a trader to misuse the funds. But the team quickly recovered most of the funds by offering a 10% bug bounty. Of the $540,000 extracted, $406,000 is now in custody of the smart contract. The project will then distribute it to liquidity providers (LPs).
Gnus AI Discord Hack: Date May 06, 2024
Gnus suffered a very serious security breach through its Discord channel. Thus, the total damage incurred is estimated at $1.27 million. The hacker managed to break into the closed messages of team members to get wallet details. He then used it to mint 100 million fake tokens. He linked these tokens to Ethereum and sold them. This triggered a significant price drop. To further mitigate the impact, the team started to refurbish the GNUS token. They also warned users not to buy the devalued GNUS token.
Galaxy Fox Contract Crisis: Date: May 10, 2024
The Galaxy Fox web3 platform, known for NFTs and play-to-earn games, fell victim to an exploit due to a smart contract vulnerability. It lost over 108 ETH (approximately $330,000) in the attack. This development highlighted the urgent need for robust security measures and access controls to prevent unauthorized breaches.
Tsuru Token Vulnerability: Date: May 10, 2024
Tsuru had a problem with the TRUSU Wrapper contract. This issue prevented the contracts from being approved. The contract allowed users to enter the safeTransferFrom function with their own code and thus bypass the checking mechanism. Big data in the contract reading functions led to out-of-gas errors that affected the processing of transactions.
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